Work Comp Insurtech Foresight Expands Appetite
Foresight, the first workers compensation insurtech to focus on the middle market, today announced the expansion of its appetite to include four new class codes and 23 incidental adjacencies to serve more customers in the Agribusiness, Construction, and Manufacturing industry sectors.
“The new class codes and appetite expansion allows us to present a more comprehensive offering to the safety-forward businesses we serve,” said Chief Insurance Officer Emilio Figueroa. “This is one of a number of steps we’ll be taking in 2022 to make Foresight’s products and services available to more customers as we continue our sustainable expansion and growth.”
New classes of business include: Janitorial and three companion class codes; poultry farming; dairy farms; hog and sheep farming and stock farms; and 23 incidental class codes that enhance Foresight’s existing ability to write businesses such as equipment yards, wineries, farm stores, and stables.
Winery tasting rooms are among the adjacencies in Foresight’s appetite expansion.
After closing a successful $39 million Series B round—led by transatlantic multi-stage investor OMERS Ventures—Foresight indicated that the new investments would fuel continued expansion of its product and talent recruitment strategies. The broadened appetite and a 55% increase in the size of the underwriting team since January demonstrates Foresight’s commitment to sustainable growth in 2022 and beyond.
The underwriting team is led by EVP of Underwriting Angela Adams, whose industry experience included six years as deputy chief underwriting officer at Hiscox and six year in tech and energy underwriting at AIG. Adams oversees an underwriting department that specializes in analyzing higher hazard work comp accounts while leveraging Foresight’s proprietary safety tech, Safesite. “At Foresight, the ex-mod is not the be-all, end-all in evaluating new business or renewal accounts,” she said. “Our fully remote workplace structure allows us to hire the best underwriting talent for the job in every role; and Foresight’s agile and uniquely insurtech approach allows underwriters to assess and engage with accounts in ways that more process-laden legacy carriers may not. Our expanding appetite coupled with intelligent underwriting allow us to compete with every other kind of carrier out there.”
Adams team has grown by 55% in 2022. Earlier this year, Foresight announced positive strategic changes to its underwriting organization to accommodate the sustainable growth, including the promotion of Elaine Bruce to Vice President, Underwriting, with oversight of Foresight’s large account pipeline; and Matt Lachowski to Associate Vice President, leading the small business pipeline.
Together, Foresight and Safesite tie safety engagement to insurance savings, removing cost as a prohibitor for businesses on a journey toward eliminating workplace accidents. Foresight has demonstrated an impressive reduction in the frequency of policyholders’ workplace safety incidents by an average of 31%.
Foresight is actively appointing brokers across all states where it writes business, which consists of: